Norway’s Norse Atlantic Secures NOK 612 Million in Private Placement and Adjusts Ownership Structure

Norwegian low-cost long-haul carrier, Norse Atlantic Airways (N0), has successfully concluded a recent private placement, securing impressive gross proceeds of NOK 612 million (USD 55 million). The airline has now unveiled a shift in shareholdings resulting from this placement, disclosing key changes in ownership and strategic developments.

Founder and CEO Bjørn Tore Larsen, the second-largest shareholder through his entity B T Larsen & Co Ltd, witnessed a slight reduction in his stake from 19.9% to 17.27% of the issued share capital, now totaling 13,211,089 shares. Simultaneously, Scorpio Holdings Limited, a Monaco-based tanker and offshore wind operator and significant investor in Norse Atlantic, saw its stake decrease from 20.5% to 17.83%, equivalent to 13,636,056 shares.

This ownership reshuffle follows Norse Atlantic’s reception of interest from larger carriers seeking a minority stake in the airline. In response to these inquiries, the airline has appointed Seabury Securities, a UK affiliate of the renowned US finance and investment specialist Seabury Capital Group, as its strategic advisor.

Norse Atlantic Airways aims to leverage Seabury’s expertise to explore and guide the airline’s future directions. The strategic advisory role is particularly crucial as the company navigates potential alliances with undisclosed airlines, a move intended to optimize cost savings, boost revenue, and gain access to strategic networks within the aviation industry.

In a statement, CEO Bjørn Tore Larsen emphasized the importance of Seabury’s involvement, stating, “Seabury, renowned for its expertise in the aviation industry, will collaborate closely with Norse Atlantic Airways to provide valuable insights and recommendations. The aim of this appointment is to strengthen our position in the market and enhance our strategic initiatives to meet the evolving landscape within the aviation industry. Seabury will help Norse Atlantic in exploring the opportunities for investment, synergies, and growth going forward.”

The appointment of Seabury Securities underscores Norse Atlantic’s commitment to strategic growth and market positioning, signaling a significant step in the airline’s journey to adapt and thrive in the dynamic aviation industry landscape.